The Short Sale Tsunami is Headed Our Way

By
Real Estate Agent with Portland Vancouver Homes

The wave has only just begun.  Option ARMs are still very toxic to the real estate market today.  Delinquencies are rising rapidly.  HOPE Now data from early January 2009 revealed that delinquencies rose to a new record, 4.9%.

Despite the efforts of servicers and institutions to modify loans, the modifications fall short.  None of the lenders out there are reducing the principal owed on the loans. Therefore, the houses that are worth way less than what is owed on them are headed for foreclosure or short sale. 

 There is a huge possibility that 2009 will be far worse than 2008. The distressed inventory is now priced at 20-30% below what today's comps are.  Creating a negative feedback loop.  Distressed inventory is causing home prices to fall like lead.

 "We're expecting a tsunami of short sales and foreclosures over the next several years... the loan modifications will fall short, unless there is something more dramatic done, like nationalizing the mortgage industry...

- Ivy Zelman, Zelman and Associates CEO and CNBC's David Faber

source: http://www.cnbc.com/id/15840232?video=986642567 

I have a cash buyer!! Buying short sale properties TODAY!! Contact me for more information Denice@DeniceNeddo.com

 

 

Posted by

 

// --> // -->

 

Denice Neddo is a licensed Realtor who specializes in Clark County, Washington and also works both Clark County Washington and Multnomah County, in Oregon including the cities of Vancouver, Ridgefield, Camas, Battle Ground, Brush Prairie, Hockinson, Salmon Creek, Felida, and inner city Metro Portland. Her favorite Portland neighborhoods include Belmont, Brentwood-Darlington, Brooklyn, Buckman, Creston, Eastmoreland, Hawthorne, Hosford-Abernethy, Kerns, Laurelhurst, Mount Tabor, Reed, Richmond, Sellwood, Alameda, Alberta Arts District, Beaumont-Wilshire, Grant Park, Hollywood, Irvington, Sullivan's Gulch, Vernon and Woodlawn.  

All information contained in these posts is copyrighted and cannot be used without prior written approval authorization from the author. If you are looking for an outstanding agent please give Denice a call she would love to help you with all of your real estate needs.

Get a free list of HUD, Fannie Mae, and other government foreclosed homes today.

Click here




What if there was a way to search the

MLS for FREE ...just like Realtors do?

 


Now you can access the MLS utilizing tools similar to those Realtors use. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit on the form is used to put you into an automated system that you set up to email you all homes that meet your search criteria. Just think, you will have internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!

Click here to start your FREE home search now


Comments (0)